Sky set to go into rare auction this weekend

Rupert Murdoch’s Fox and rival Comcast must table new bids for the auction

The Takeover Panel has intervened to end the battle for control of satellite broadcaster Sky

The move comes in a bid to resolve a bidding war that started in December 2016

LONDON, U.K. - In a bid to resolve a bidding war that started in December 2016, now, the Takeover Panel has intervened and has ordered a rare auction over control of satellite broadcaster Sky.

In the auction set to be held this weekend, Rupert Murdochs Fox and rival Comcast must table new bids, as they continue their battle over Sky.

According to the Takeover Panel, the two-day auction will allow Murdoch's 21st Century Fox and its rival bidder U.S. media conglomerate Comcastto make new bids for the broadcaster starting Friday night.

The panel has stated that the eventual winner will be announced by 7 am next Monday.

So far, both Fox and Comcast have made offers for Sky and both the companies have left the option of bidding higher open.

Murdoch's Fox, which already owns 39 percent stake in the business, first made the offer of 10.75 pounds for ever share that Fox did not already own on December 15, 2016.

The Fox bid however prompted an investigation into whether the media magnate should be allowed to take full control.